SEC approves rules on adviser oversight, transparency

12/17/2009 | Washington Post, The

The Securities and Exchange Commission unanimously approved a measure that requires outside audits and other forms of additional oversight for investment advisers. The SEC also passed a measure that requires companies to disclose more information about the qualification of their board and employee compensation. "These new rules will apply additional safeguards where the safeguards are needed most -- that is, where the risk of fraud is heightened by the degree of control the adviser has over the client's assets," SEC Chairwoman Mary Schapiro said.

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